Fairmarkit named a Gartner Cool Vendor in the June 2020 Cool Vendors in Sourcing and Procurement for Supply Chain report

BOSTON, July 7, 2020 /PRNewswire/ -- Fairmarkit, the intelligent sourcing platform, announced it was recognized in the latest Gartner Cool Vendors in Sourcing and Procurement for Supply Chain report.

According to the report, "promising cool sourcing and procurement technology vendors, such as those covered in this research, offer solutions that can help transform a company's operations." Further, "By 2022, 80% of companies will scrutinize procurement technology investments where more nimble, easy-to-deploy and specialized solutions will be in the spotlight more than full-scale, complex and costly solutions." It continues to state that "this research covers compelling vendors for chief procurement officers that augment collaboration, provide cutting-edge analytics and help to make better decisions."

"Fairmarkit is honored to be recognized as a Gartner 2020 Cool Vendor. To us, this recognition confirms the impact that our innovative technology is bringing to the supply-chain and procurement space. For our team and our customers, this marks a major milestone in our continued journey to revolutionize the way that all organizations buy the goods and services they need," said Kevin Frechette, CEO and co-founder of Fairmarkit.

Fairmarkit's technology enables procurement and supply chain teams to be more efficient in their sourcing processes. While non-strategic spend is traditionally ignored due to resource constraints, Fairmarkit was built to address this issue in an innovative way. Fairmarkit helps to automate and digitize the process by reducing the time and manual effort required to make these purchases. The company has recently started new relationships with forward-thinking procurement departments at organizations such as Trinity Industries, Thomson Reuters, and Maxar Technologies.

The technology leverages data and automation to classify the products or services being requested, recommend a list of vendors who can provide them, and manage the bid communication and collection. Through this, companies realize substantial cost savings while gaining visibility and stronger compliance adherence. Since raising an $11m series A last year, Fairmarkit has bolstered its product offering in several areas, including bidirectional ERP integrations, enhanced vendor recommendations, and simplified request management.

To read more about the recognition, see Fairmarkit's blog post.

Gartner subscribers can view the full report here: Cool Vendors in Sourcing and Procurement for Supply Chain.

Gartner "Cool Vendors in Sourcing and Procurement for Supply Chain," Koray Kose, et al, 16 June 2020

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About Fairmarkit

Fairmarkit is the intelligent sourcing platform that empowers organizations to more efficiently purchase the goods and services they need. By equipping procurement and supply-chain teams with automation and data, Fairmarkit promotes competitive bidding while reducing manual work within existing processes. Leveraged across a number of industries by innovative procurement departments, Fairmarkit aims to revolutionize the way organizations make purchases. Learn more at www.fairmarkit.com.

Media Contact: Ben Winter, [email protected]  

SOURCE Fairmarkit

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